Saturday, January 20, 2018

In case you doubt finance is crowding out productive activity

“The profit margin of the average convenience store, gas station, or supermarket, for example, is under 2%. Credit card fees are 2% or more of nearly pure profit. The results can be absurd: banks and credit card issuers making more from a restaurant’s burgers, a bookstores books, or a corner store’s groceries than the store owners and employees” [Priceonomics].

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